Q: What property can you leave out of a bankruptcy?
A: You can't leave any of your property out of a bankruptcy. You may be able to exempt certain property, but you must disclose everything. Typical Colorado exemptions are the $75,000.00 homestead exemption ($105,000 if one is over 60 or disabled), $7500 for up to two vehicles ($12,500 if over 60 or disabled) and many others. You must have been a Colorado resident for at least two years in order to use those exemptions. There are numerous others and some are very technical. There are many traps for the unwary. Be sure to consult an experienced bankruptcy attorney before filing.
A: The simple answer to whether one can leave an asset out of the bankruptcy is: no, you can’t. When filing a Chapter 7 or Chapter 13 bankruptcy petition, you must include all of your assets, debts, and income. But this does not mean that you will lose assets simply because they are listed in your bankruptcy petition.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.